Fan Duel and Draft Kings banned in NY

[GodHatesBengals]

I made over a million dollars on Draft Kings!

PS I work for Draft Kings.

[StLucieBengal]

(11-11-2015, 11:14 AM)michaelsean Wrote: I deposited $25 at Draft Kings this year to try it.  I was supposed to receive a matching $25 but somehow after using all my money I only "earned" $1.00 of extra money.  No idea what I was supposed to do to earn the other $24, but I'm not going to bother finding out as I didn't come close to winning anything.  I'd get like 155 pts and be in 4 billionth place.

Wow ... Guess I will stick to the casino games the. Haha

[6andcounting]

(11-11-2015, 07:31 PM)Belsnickel Wrote: Long term investors in the market are certainly not comparable to your typical gambler. Day traders, though, the type playing aggressively in the market, definitely a form of gambling.

That's agreeable.

With gambling the odds are always against you, but the odds are with you if you are placing a diversified bet on the market place and your willing to give it some time to grow. The aspects of the stock market I would consider more like gambling are options and day trading, because it's a zero sum game. If you win, someone else loses. Whereas, 5+ year investments in a diversified portfolio is a win for everybody and the economy itself because the market grows.

[Au165]

(11-11-2015, 07:36 PM)RoyleRedlegs Wrote: Correct me if I'm wrong, but didn't this start due to corruption and insider trading allegations?

Now doesn't that stock market comparison seem a little more real? Yes, that was basically the tipping point. As it has been pointed out day traders ,and even those who short sell, are very much gambling (I'd argue naked short selling is even more dangerous than most conventional forms of gambling). It really is just a matter of one is socially acceptable and the other is not. Think about it, most people know a guy who at one point was convinced he could become a millionaire day trading, and he probably lost his ass or broke even. How is that any different then a guy who thinks he will win millions in Draft Kings?

As pointed out it is more of a taxation issue. Once they get a good way to do that then they will be good. I would not be surprised if a "broker" type setup started up for online gambling that basically managed all your online gambling accounts and retained proper taxes on winnings.

[*michaelsean*]

The stock market is not gambling. You are investing in a company. If my buddy comes up to me and says he wants to start a new company and needs investors, I'm not gambling. There is no force on the other side trying to take my money away from me.

[Au165]

(11-13-2015, 10:38 AM)michaelsean Wrote: The stock market is not gambling.  You are investing in a company.  If my buddy comes up to me and says he wants to start a new company and needs investors, I'm not gambling.  There is no force on the other side trying to take my money away from me.

Have you ever heard of shorting? It is in fact the idea of betting on a stock to go down. Unless you are actually part of an IPO you really aren't investing in a company, you are holding a claim in a company that someone else bought hoping the value of that claim increases. There is a chance the value of that claim decreases, but it is a calculated stake (hopefully). Still there is no guarantee it will go up meaning it is a gamble. The stock market is very much gambling.